>> FROM THE HEART OVER
INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND
BEYOND. THIS IS "BLOOMBERG TECHNOLOGY"
WITH CAROLINE HYDE AND ED

LUDLOW. ♪ CAROLINE:
WE ARE LIVE FROM NEW YORK. THIS IS "BLOOMBERG TECHNOLOGY." TIM COOK VISITS CHINA AND ON
ITS IMPORTANCE TO THE TECH COMPANY.
PLUS WE WILL LOOK AT WHAT IS

BEHIND TESLA'S POST-ELECTION
STOCK SURGE, IS IT FUNDAMENTALS OR HYPE?
AND BITCOIN'S RALLY STALLS OUT AFTER REACHING NEARLY $100,000.
WE WILL SPEAK TO KRISTIN SMITH

FROM BLOCKCHAIN ASSOCIATION.
MARKET INDIGESTION MODE, UP A QUARTER PERCENT ON THE NASDAQ
100, COMING DOWN FROM EARLIER GAINS.
A HOLIDAY SHORTENED WEEK HERE IN AMERICA SO WE WILL
ANTICIPATE PERHAPS LIQUIDITY

BEING LESS THAN IT HAS BEEN.
UP ACROSS THE ENTIRE BENCHMARKS THIS MORNING. IT IS ALL ABOUT SUPERMICRO, UP
13%. LAST WEEK, WE HAD THE COMPANY
ON A TEAR. CONFIRMATION THAT BDO USA WILL
BECOME A FOCUS ON ITS

FINANCIALS, LOOKING THROUGH THE
AUDITING. ALSO THEY ARE TRYING TO REMAIN
LISTED ON THE NASDAQ. A LOT OF HOPE GOING INTO THIS
STOCK. NVIDIA OFF BY ANOTHER 3%.

IT WAS LOWER AFTER EARNINGS
LAST WEEK AND WE CONTINUE TO SEE PROFIT TAKING AND MAYBE
SOME CONCERNS THAT COMPETITORS ARE INDEED THEIR OWN CLIENTS
ARE BUILDING THEIR OWN SHIPS.

FIRST, LET'S GET MORE ON
TODAY'S MARKET MOVES. WHEN YOU FOLD IN THE
GEOPOLITICAL CONTENTIONS, WE ARE STILL EYEING WHAT HAPPENED
BETWEEN THE U.S.

AND CHINA, WHAT IS HAPPENING
WITH EARNINGS FROM THE TECH GIANTS.
ISABEL, YOU'VE BEEN GOING GLOBAL FOR US.
CHINESE EARNINGS HAVE BEEN AWFUL FOR TECH COMPANIES.
WE GET A BIT OF A REPRIEVE

TODAY BUT WE ARE ENTERING A
BEAR MARKET LAST WEEK. >> IT WAS DEFINITELY THE CASE
FOR ALL CHINESE COMPANIES. YOU ALLUDED TO THE GEOPOLITICAL
AND ECONOMIC UNCERTAINTIES AND

WHETHER THESE COMPANIES CAN
WIN INVESTORS BACK, LARGELY HINGES ON THE BEIJING STIMULUS.
OVER THE PAST WEEK, WE HAVE THE FIVE BIGGEST TECH COMPANIES
ERASING $41 BILLION.

CALL AFTER CALL, THESE
EXECUTIVES ARE REALLY JUST SAYING HOW SLOW EVEN THE
ECONOMY IS, UNDERWHELMING IT IS, BUT ALSO ASKING INVESTORS
FOR PATIENCE. PDD TALKED ABOUT THEIR
DISAPPOINTING EARNINGS.

EVEN BUT I DO, WHICH IS A FRONT RUNNER IN THE AI DEVELOPMENT, FAILED TO WOW.
LASTLY, MORGAN STANLEY CUTTING CHINESE EQUITIES TO SLIGHTLY UNDERWEIGHT. GOLDMAN SACHS LOWERING ITS MSCI RATING.

IT REALLY UNDERSCORES HOW CAUTIOUS AND SHAKY CHINESE EQUITIES ARE FOR NOW. CAROLINE:
ISABEL LEE WITH A ROUNDUP OF CHINESE CONCERNS. AMID THAT CONCERN ARE A NUMBER

OF EXECUTIVES OF GLOBAL FIRMS TRAVELING TO CHINA TO DISCUSS IN CONVERSATIONS WITH THE
COUNTRY'S PREMIER. TIM COOK WAS ONE OF THOSE. >> I AM THRILLED TO BE HERE, SO PROUD APPLE HAS AN EXHIBIT HERE

WITH OUR PARTNERS. >> HOW DO YOU VALUE PARTNERS IN CHINA? >> VERY HIGHLY.
WE COULD NOT DO WHAT WE DO WITHOUT THEM. CAROLINE:
REMIND US WHY CHINA IS SO INTEGRAL TO APPLE?

>> CHINA IS HUGELY IMPORTANT TO APPLE'S SUPPLY CHAIN AND ACCORDING TO REPORTING, IS
APPLE'S SECOND LARGEST MARKET BEHIND THE U.S.
WHERE IT IS CURRENTLY STRUGGLING ACCORDING TO MANY OF OUR REPORTS THIS PAST YEAR

AGAINST CHINESE DOMESTIC SMARTPHONE MAKERS. ON THOSE TWO ACCOUNTS,
EXTREMELY IMPORTANT TO APPLE. CAROLINE:
MEANWHILE, THEY HAVE THE RUN [UNKNOWN] WHAT TERRORISTS WILL LOOK LIKE UNDER A TRUMP ADMINISTRATION

AND ACTUALLY YOU'VE DONE A
GREAT REPORTING ACROSS THE ENTIRE TEAM THAT THEY'RE
INTERESTING RELATIONS ACROSS ASIA.
SOMEWHERE THEY HAVE TO INVEST MORE TO EARN THE RIGHT TO SELL
THEIR PRODUCTS, AND IN CHINA, 

WHERE THEY HAVE TO CONTINUE TO
BUILD. DANA: BLOOMBERG ALSO HAD A REPORT
THAT INDONESIA IS PUSHING BACK ON LIFTING ITS IPHONE 16 SALES
BAN, DEMANDING MORE INVESTMENT

FROM APPLE, SAYING YOU HAVE
INVESTED SO MUCH IN MANUFACTURING IN VIETNAM, WHICH
IS A SMALLER MARKET FOR YOU IN TERMS OF IPHONE SALES.
WHY NOT INVEST MORE IN INDONESIA WHICH IS THE LARGEST
SOUTHEAST ASIAN ECONOMY? 

THE TWO STORIES TODAY STOOD AS
A REAL CONTRAST FOR ME. THIS PUSH FROM INDONESIAN
LEADERS FROM THIS REPORT OUT OF CHINA THAT HIGHLIGHTED HOW
VULNERABLE APPLE'S BUSINESS IS IN THE REGION. CAROLINE:
WE LOVE THE CONTEXT. 

LET'S TALK ABOUT THE OTHER
JUGGERNAUT THAT IS NVIDIA, BIG EXPOSURE TO CHINA IN TERMS OF
SELLING INTO THAT MARKET. THE CEO WAS IN HONG KONG OVER
THE WEEKEND WHERE HE RECEIVED 

AN HONORARY DOCTORATE FROM HONG
KONG UNIVERSITY, EMPHASIZED TIES TO THE REGION AND WEIGHED
IN ON THE INCOMING ADMINISTRATION. >> I DON'T KNOW WHAT WILL
HAPPEN WITH THE NEW

ADMINISTRATION BUT WHATEVER
HAPPENS, WE WILL BALANCE SIMULTANEOUSLY COMPLIANCE WITH
LAWS AND POLICIES, CONTINUE TO ADVANCE OUR TECHNOLOGY, SUPPORT
AND SERVE CUSTOMERS ALL OVER

THE WORLD.
WE WILL BE ABLE TO DO THAT JUST FINE. CAROLINE:
LET'S KEEP THE CONVERSATION GOING FROM AN INVESTOR
PERSPECTIVE. SCOTT LADNER FROM HORIZON
INVESTMENTS, DOESN'T GIVE YOU

PAUSE AS YOU TRY TO UNDERSTAND
WHAT CHINESE-U.S. RELATIONS LOOK LIKE AND HOW YOU
INVEST IN TECH? SCOTT: YOU HAVE TO TAKE INTO ACCOUNT
WHAT THIS ADMINISTRATION SAYS THEY WILL DO TO CHINA ON THE
TECH FRONT, WHAT THE

RETALIATION MAY LOOK LIKE.
WE THINK THE U.S. IS IN A STRONGER POSITION THAN THE
LAST TIME WHEN THEY CONFRONTED IN 2018 BECAUSE CHINA IS IN THE
THROES OF A BALANCING

RECESSION, SO NOT AS MUCH
MANEUVERABILITY ON THE STIMULUS SIDE.
BUT TAKING INTO ACCOUNT HOW THEY WILL INTERACT WITH EACH
OTHER HAS A LOT TO DO WITH WHERE WE PUT OUR MONEY INTO
TECH. CAROLINE:

EVEN AT THESE BEATEN UP LEVELS,
WOULD YOU BE THINKING ABOUT THE CHINESE TECHNOLOGY GIANTS BEING
ACCRETIVE IN THE FUTURE? SCOTT: FOOL ME ONCE, SHAME ON YOU, FOOL ME TWICE, SHAME ON ME ON
THE CHINESE STIMULUS STUFF.

YOU CANNOT PREDICT WHAT THE
CHINESE COMMUNIST PARTY WILL DO WITH RESPECT TO FISCAL
STIMULUS, WHICH IS WHAT THE DOCTOR ORDERED FOR THAT ECONOMY.
WITHOUT THAT STIMULUS, IT IS

TOUGH TO GET OUT OF THESE
BALANCING RECESSIONS WHERE DEMAND IS LACKING.
IF WE GET ANNOUNCEMENTS THAT CHINA IS GOING TO ENGAGE IN
LARGE-SCALE FISCAL STIMULUS,

YES, YOU HAVE TO GET ON BOARD
CHINESE TECH STOCKS BECAUSE THE CONSUMER THEN CAN COME BACK
ALIVE AND WE CAN GET GOING. WITHOUT THAT, YOU CANNOT
PREDICT POLICY IN CHINA, SO WE

HAVE TO TAKE A WAIT AND SEE
APPROACH. CAROLINE: WHAT ABOUT U.S.
NAMES THAT HAVE SIGNIFICANT EXPOSURE TO CHINA AND PERHAPS
HAVE NOT MANAGED TO SHOW THEY HAVE SUCH STRONG DEMAND
GLOBALLY THAT IT DOESN'T MATTER?

SCOTT:
THIS WILL HURT THEM BUT THIS IS NOT NEW NEWS.
EVERYONE KNOWS THAT WITH A TRUMP WIN, CHINA IS ENEMY
NUMBER ONE. THESE COMPANIES HAVE BEEN
PLANNING FOR THE POTENTIALITY

OF A TRUMP WIN.
LIKE I SAID, THIS IS NOT NEW NEWS. CAROLINE:
LET'S THINK ABOUT WHAT IS NOT NEW NEWS WHEN IT COMES TO
PLAYERS LIKE NVIDIA. ONE OF THE WORST POINTS
CONTRIBUTED TO THE NASDAQ

TODAY, FALLING ANOTHER 3%, 
WHICH IS A LOT OF MARKET CAP EROSION FOR A BUSINESS AS BIG
AS THIS. IS THIS PROFIT, EXPOSURE TO
CHINA, EXPOSURE TO TOO FEW

CLIENTS LIKE MICROSOFT, AMAZON, 
ALPHABET? SCOTT: PROBABLY A LITTLE BIT OF ALL OF
THOSE THINGS. WHEN YOU HAVE AMAZON COMING OUT
AND SAYING WE MAY START

COMPETING WITH YOU, EVEN THOUGH
THEY HAVE BEEN IN THE GAME FOR A WHILE, BUT THEY ARE RAMPING
UP EFFORTS. THIS IS A VERY LUCRATIVE SPACE.
MARGINS UPWARDS OF 80%.

IT MAKES SENSE FOR THE LARGE
TECH COMPANIES TO TRY TO COME IN AND CHALLENGE NVIDIA'S PLACE
IN THE MARKET. THESE THINGS WILL TAKE TIME,
BUT IT HAS TO WEIGH ON THE

STOCK PRICE AT SOME POINT. 
CAROLINE: DO YOU KEEP THE EXPOSURE YOU
HAVE? IT FEELS A FOOL'S ERRAND TO BET
AGAINST BIG TECH. SCOTT: LET ME BE CLEAR, I AM NOT
ADVOCATING BETTING AGAINST BIG

TECH. WE ARE IN THE MID TO LATE
1990S CYCLE, BIG TECH IS HIM, AS THE KIDS WOULD SAY. 
THIS IS NOT JUST NVIDIA ANYMORE, NOT JUST THE 2023 AI
TRADE.

I'M BROADENING OUT OF THIS
THEME INTO OTHER USERS. HOW ARE COMPANIES GOING TO USE AI IN
THE FUTURE? WHAT OTHER SUPPLIERS MAY COME ONLINE LIKE
AMAZON? PLAYING THAT OUT IS WHERE WE
ARE SPENDING QUITE A LOT OF

TIME FIGURING THAT OUT HERE AT
HORIZON. YOU DO NOT WANT TO BE SHORT
TECH, SHORT THIS AI THEME. YOU HAVE TO UNDERSTAND HOW TO
PLAY IT IN 2025, NOT 2023. CAROLINE:
I KNOW YOU DON'T WANT TO SHARE

THE SECRET SAUCE, BUT AS YOU
ARE DOING THAT, WHERE HAVE BEEN THE RICH PICKINGS BEEN SO FAR?
WE HEAR IT'S ABOUT THE APPLICATIONS AND HEALTH CARE.
WHERE ARE YOU SEEING THE OUTSIZE POTENTIAL HERE? SCOTT:
YOU ARE PICKING ON A COUPLE OF

THEM.
AT SOME POINT, YOU HAVE TO GET DOWN TO THE USERS.
IF YOU LOOK AT THE TECH TRADE IN THE 1990'S, YOU LOOK AT THE
PEOPLE THAT MADE IT POSSIBLE, BUT THE MAIN GAINS WERE THE
PEOPLE WHO ENABLED TECHNOLOGY

IN THEIR BUSINESSES.
GETTING ON THAT TYPE OF PLAY IS WHERE WE ARE SPENDING TIME
TRYING TO FIGURE OUT. YOU MENTIONED HEALTH CARE.
WHICH BIOTECH COMPANIES GOING TO FIGURE THIS OUT TO DO
ADVANCED DRUG DEVELOPMENT?

WHAT TYPE OF INDUSTRIAL
COMPANIES WILL FIGURE OUT LOGISTICS IMPROVEMENTS BASED ON
AI? THOSE TYPES OF QUESTIONS ARE THE THINGS WE ARE TRYING TO
ANSWER RIGHT NOW. I THINK WE ARE SECOND OR THIRD
INNING OF THIS STUFF, HARD TO

GET ON BOARD WITH THE USERS,
BUT YOU HAVE TO DO THE WORK RIGHT NOW. CAROLINE:
COME BACK WHEN YOU HAVE DONE THE WORK.
WE REALLY APPRECIATE YOUR TIME TODAY.
WE HAVE SO MUCH MORE ON THE

STOCKS THAT HAVE OUTPERFORMED
TESLA. MEME-LIKE STOCK SURGE.
IS IT LEAVING WALL STREET A LITTLE WEARY?
AS WE GO TO BREAK, LOOK AT WHAT IS HAPPENING TO INTEL. UP .5%.

REPORTS THAT THE CHIPS ACT
GRANT WILL GO TOWARD FACTORY BUILDING EFFORTS OF NEARLY $8
BILLION. THIS WAS ALREADY DISCUSSED WITH
THE COMMERCE DEPARTMENT. WILL IT FINALLY GET INTO THE
HANDS OF INTEL?

WE WILL BRING YOU MORE ON THAT.
THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE:
LET'S FOCUS IN ON ONE OF THE KEY DRIVERS IN THE MARKET
TODAY, TESLA. SHARES UP 31% OVER THE LAST
MONTH.

ALL THE SURROUNDING THE NEW
ADMINISTRATION THAT IS LIKELY TO COME IN AT 2025. UBS ANALYSTS SAYING THAT THIS
SURGE HAS MORE TO DO WITH MARKET EXUBERANCE.
CRAIG TRUDELL HAS MORE.

WE HAVE BEEN TRYING TO
UNDERSTAND WHETHER THIS RELATIONSHIP, PERSONAL, BETWEEN
ELON MUSK AND THE FUTURE ADMINISTRATION WILL BEAR
DIVIDENDS FOR THE BUSINESS OF TESLA.
YOU HAVE BEEN TRYING TO MEASURE

IT'S UP, SO HAS UBS. CRAIG: UBS'S REPORT IS INTERESTING
TODAY BECAUSE THEY ARGUE THAT IT MAKES A LOT OF
SENSE THAT YOU WOULD SEE A RUN-UP IN THE STOCK GIVEN HOW
CLOSE ELON MUSK HAS PLACED

HIMSELF TO DONALD TRUMP.
BUT THEY REALLY PICK APART SOME OF THE REASONS COMMONLY CITED
FOR THIS RUN-UP IN THE LAST FEW WEEKS.
YOU TAKE A LOOK AT TAKING AWAY

EV TAX CREDITS IN THE U.S., FOR
EXAMPLE. MAYBE TESLA CAN HANDLE THAT
BETTER THAN SOME OF ITS COMPETITORS THAT ARE NOT MAKING
MONEY ON EV'S. BUT IT IS STILL NOT A POSITIVE
FOR EV DEMAND AS A WHOLE.

UBS IS A BIT BEARISH ON THAT
FRONT. WHEN YOU LOOK AT AUTONOMOUS
VEHICLE POLICY, AS WELL, YOU DON'T HAVE AN ACTUAL ROBOTAXI
AT TESLA, WHEREAS WAYMO IS OUT

WITH A ROBOTAXI NOW.
THAT COMPANY WAS JUST VALUED AT $45 BILLION.
DOES IT MAKE SENSE TO PUT HUNDREDS OF BILLIONS OF DOLLARS
ON A TESLA AUTONOMOUS VEHICLE

VALUATION GIVEN ITS CLOSEST
COMPETITOR, WAYMO, IS VALUED MUCH LESS THAN THAT? CAROLINE:
THE PROBLEM IS, THE PRICE TARGET FROM ANALYSTS THAT RATE
IT IS WELL BELOW WHERE WE ARE TRADING, 224, WHEREAS THE LAST
PRICE IS 354.

RELATIVE STRENGTH INDEX AS OF
TESLA SHOWING THAT WE ARE IN OVERBOUGHT TERRITORY, AND YET,
WE DON'T SEEM TO BE ABLE TO BET AGAINST THE STOCK. CRAIG: THAT IS ANOTHER POINT THAT UBS
MAKES INTERESTINGLY TODAY.

WE HAVE SEEN THIS BEFORE, THE
ULTIMATE MOMENTUM STOCK. WHEN IT RISES, IT REALLY RISES.
WHEN IT FALLS, IT REALLY FALLS. THAT IS SORT OF BEFITTING OF
MUSK, DOESN'T DO ANYTHING

HALFWAY.
YOU SEE IN TERMS OF EQUITIES THAT ARE COMMONLY TRADED WITH
OPTIONS, THAT REALLY LEAD TO THESE OUTSIZED MOVES.
TESLA IS EXHIBIT A IN TERMS OF STOCKS THAT, BECAUSE OF THE
OPTIONS ACTIVITY, YOU TEND TO

SEE SUSTAINED AND REALLY
DRAMATIC MOVES IN THE STOCK ONE WAY OR THE OTHER WHEN YOU HAVE
A REASON FOR THE STOCK TO, NARRATIVE WISE, GO IN ONE
DIRECTION OR THE NEXT. CAROLINE:

WE WILL SEE IF THE MEME TRADING
CAN CONTINUE. THANK YOU. ROCKET LAB SHARES SURGING
AFTER THE COMPANY SAID IT SUCCESSFULLY LAUNCHED ITS 56TH
ELECTRON MISSILE. WE ARE UP 3%.

OTHER NARRATIVES AROUND THE
BUSINESS IN TERMS OF THE CHIPS BUT FOCUS ON THIS LAUNCH.
WE HAD ONE OUT OF NEW ZEALAND SWIFTLY AFTER ONE OUT OF THE
UNITED STATES.

>> TWO LAUNCHES. 
THE ONE IN THE UNITED STATES IS FOR THOSE CUSTOMERS THAT ROCKET
LAB HAS NOT YET DISCLOSED. IN THE PAST, THEY HAVE DONE
LAUNCHES FROM VIRGINIA FOR U.S.

GOVERNMENT CUSTOMERS.
THE LAUNCH IN NEW ZEALAND WAS FOR A FRENCH STARTUP, PART OF A
MULTIPLE LAUNCH CONTRACT THAT ROCKET LAB HAS WITH THEM.
ALTOGETHER THIS MAKES 14

LAUNCHES THAT ROCKET LAB HAS
HAD THIS YEAR WHICH BEATS THEIR RECORD OF 10 LAST YEAR.
LET'S PUT THIS INTO CONTEXT. IMPRESSIVE FOR ROCKET LAB BUT
REMEMBER THAT SPACEX HAS HAD

MORE THAN 100 LAUNCHES THIS
YEAR. CAROLINE: VERY MUCH AND ALSO RAN AT THE
MOMENT BUT CLEARLY GARNERING SOME MOMENTUM HERE.
WHAT IS INTERESTING IS THEY ARE ALSO GETTING MONEY FROM THE U.S.
GOVERNMENT WHEN IT COMES TO

CHIPS.
WHERE ELSE IN THE MANUFACTURING AREA ARE THEY AND WHY ARE THEY
GETTING MONEY FROM THE COMMERCE DEPARTMENT? BRUCE: THIS IS THE FINAL SIGNING OF A
CONTRACT FROM THE DEPARTMENT OF COMMERCE RELATED TO THE CHIPS
ACT. $23.9 MILLION.

THE COMPANY ANNOUNCED A
PRELIMINARY DEAL FOR THIS BEFORE SO PEOPLE KNEW THIS WAS
COMING. ROCKET LAB HAS A SUBSIDIARY IN
NEW MEXICO THAT MAKES SOLAR CELLS, ONE OF THE ONLY
COMPANIES -- I BELIEVE ONLY TWO

IN THE UNITED STATES -- THAT
MAKE THESE COMPONENTS. ROCKET LAB HAS NOW GOTTEN
FUNDING FROM THE COMMERCE DEPARTMENT TO PROMOTE, BUILD
MORE OF THOSE. JUST GETTING OUT OF THE LIFT TO
THAT STOCK.

INTERESTING WHEN YOU WERE
TALKING ABOUT WITH CRAIG EARLIER ABOUT OPTIMISM ABOUT
POST-ELECTION. ROCKET LAB IS ONE COMPANY AMONG
SEVERAL SPACE COMPANIES ALSO BENEFITING FROM THIS
BULLISHNESS AFTER TRUMP'S

REELECTION, THAT THE NEW
ADMINISTRATION WILL HAVE POLICIES FAVORABLE TO THE
SECTOR. CAROLINE: ALMOST 12 MILLION-DOLLAR MARKET
CAPITALIZATION, NOT QUITE UP TO THE 250 BILLION DOLLAR MARKET
VALUATION FOR THE PRIVATELY

HELD SPACEX AT THE MOMENT.
BRUCE EINHORN, THANK YOU. THE FRENCH GOVERNMENT IS EYEING
THE AI BUSINESS AND SUPERCOMPUTERS. MEANWHILE, A LOOK AT ZOOM,
CURRENTLY SEEING SHARES POPPING

TODAY. WE ARE UP 7.5%. REALLY KEEPING AN EYE ON THE
VIDEO COMMUNICATIONS COMPANY AT THE MOMENT.
THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE:
THE FRENCH GOVERNMENT IS

OFFERING TO BUY THE ADVANCED
COMPUTING ASSETS FROM ATOS FOR AS MUCH AS 650 MILLION DOLLARS AFTER
AN EARLIER STATE EXPIRED INCLUDING THE AI BUSINESS
INCLUDING ITS SUPERCOMPUTERS. WHAT IS BETTER ABOUT THIS DEAL
OR IS IT JUST DIFFERENT BECAUSE

THIS IS ALL ABOUT TRYING TO
BAIL OUT WHAT IS A COMPANY UNDER A LOT OF DURESS FROM A
DEBT PERSPECTIVE? >> EXACTLY.
IT IS IMPORTANT FOR ATOS AT THIS STAGE TO DIVEST ITS
ACTIVITIES.

THE CREDITORS TAKING A LOOK AT
OTHER COMPANIES WILL LOOK AT THE LIQUIDITY OUT OF IT AND
MOST IMPORTANTLY THE FRENCH STATE HAS WANTED TO ENSURE THIS
TO TRAGIC ASSETS REMAIN WITHIN

FRENCH CONTROL AND ARE SAFE.
THESE ARE IMPORTANT ASSETS BECAUSE THE SUPERCOMPUTERS WE
ARE TALKING ABOUT HAS TO DO WITH THE SIMULATIONS OF NUCLEAR
ACTIVITIES FOR EXAMPLE THAT ARE VERY KEY TO FRANCE AND THE
FRENCH GOVERNMENT.

THIS DEAL IS NEVER WORK, JUST
ON THE SUPERCOMPUTERS PART OF ATOS.
THIS LEAVES ON THE SIDE OTHER ASSETS IN CYBERSECURITY, WHAT
IS CALLED MISSION-CRITICAL SYSTEMS. THESE ASSETS ARE GOING
TO BE UP FOR AUCTION.

OTHER FRENCH COMPANIES ARE
GOING TO MAKE BIDS FOR THESE ACTIVITIES. CAROLINE:
THAT IS THE KICKER HERE, THEY ALL WANT TO REMAIN IN LOCAL
HANDS IN SOME WAYS.

SOME HAVE WORKED.
OTHERS HAVE UNRAVELED. IS IT JUST TRYING TO FIND THE
RIGHT PRICE POINT HERE? BENOIT: YES. THERE IS A BIT OF THAT, THE
CREDITORS WANT A GOOD PRICE

POINT FOR IT.
THE FRENCH DEFENSE COMPANIES BIDDING FOR THESE ASSETS WILL
CERTAINLY WANT TO HAVE A GOOD PRICE, AS WELL.
WE KNOW THAT AN IMPORTANT FRENCH DEFENSE COMPANY IS
INTERESTED IN MISSION-CRITICAL

ASSETS HERE.
THEY COULD BE INTERESTED, THEY HAVE NOT MADE A BID YET.
IT WAS PROBABLY COMPLICATED FOR THESE COMPANIES TO DO A DEAL
WITH THE FRENCH STATE, SO NOW

THEY HAVE DONE THE DEAL WITH
SUPERCOMPUTERS AND ANOTHER DEAL COULD BE DONE.
BUT YOU ARE RIGHT, WHAT IS AT STAKE HERE IS REALLY THE
STRATEGIC ASSETS AND SOVEREIGNTY OF FRENCH
TECHNOLOGY THAT IS CRITICAL FOR

THE CIVILIAN INDUSTRY AND ALSO
FOR A LOT OF MILITARY DEALS. SO WHY THIS COMPANY HAS BEEN
UNRAVELING IS REALLY THE MISTAKE OF THE SOVEREIGN ASSETS
WHICH IS AT STAKE NOW. CAROLINE:

BONDS TRADING AT CENTS ON THE
EURO. SIGNIFICANT PRESSURE THERE.
THANK YOU VERY MUCH. FIRST UP, ONLINE VERIFICATION COMPANY ID.ME IS **VIOLA** AT $1.8
BILLION.

INSTA 360, A CHINESE RIVAL TO
GOPRO, IS CONSIDERING AN IPO IN HONG KONG AFTER PLANS FOR
LISTING IN MAINLAND CHINA STALLED ACCORDING TO SOURCES.
THE COMPANY COULD SEEK A

VALUATION OF 2.1 BILLION DOLLARS AND A SHARE SALE. SONY IS IN THE EARLY STAGES OF DEVELOPING A PORTABLE CONSOLE THAT COULD PLAY PLAYSTATION 5 GAMES ON THE MOVE.

THEY SAY THE PRODUCT IS MEANT TO EXPAND SONY'S REACH AND GO HEAD-TO-HEAD WITH NINTENDO IN THE PORTABLE GAMING MARKET. COMING UP, COULD A NEW ADMINISTRATION MEAN AN EVEN

MORE DISTINGUISHED ERA FOR CRYPTO? IT HAS BEEN ON A RUN OF LATE BUT WHAT DOES IT MEAN TO PRACTICAL CHANGES TO LEGISLATION AND INDEED A NEW CRYPTO CZAR AT THE WHITE HOUSE?

WE WILL DISCUSS WITH BLOCKCHAIN ASSOCIATION'S KRISTIN SMITH. BITCOIN JUST OFF OF THEIR SESSION HIGHS. THIS IS "BLOOMBERG TECHNOLOGY." CAROLINE: WELCOME BACK TO "BLOOMBERG

TECHNOLOGY."
QUICK CHECK ON THE MARKETS, BITCOIN HAS OF COURSE BEEN ON A ROLL AFTER FLIRTING WITH A VALUATION OF $100,000 AT THE END OF LAST WEEK, PULLING BACK

EVER SO SLIGHTLY NOW.
I'LL BUY 1% ON THE TRADING DAY. MORE NEWS AROUND COMPANIES BUYING IT. LET'S GET RIGHT TO IT WITH KRISTIN SMITH, WHO CAN ADDRESS THE FUTURE MORE BROADLY IN TERMS OF MORE

LAWS BEING MADE, GARY GENSLER
ANNOUNCED HE'S STEPPING DOWN FROM HIS SEAT IN JANUARY.
WERE YOU SURPRISED BY THE NEWS THAT HE IS FRONTRUNNING THE
OUSTING?

>> I WAS NOT SURPRISED FOR HIM
TO STEP DOWN AT THE END OF THE CONGRESS BEFORE THE
INAUGURATION. WE ARE EXCITED TO SEE HIM LEAVE.
IT HAS BEEN A DIFFICULT COUPLE OF YEARS FOR THE INDUSTRY.
WE FELT LIKE WE WERE BOXED IN

THE CORNER THROUGH HIS
REGULATION BY ENFORCEMENT APPROACH BUT WE ARE FOCUSED ON
TRYING TO FIGURE OUT HOW TO MOVE FORWARD AS AN INDUSTRY AND
RESET OUR RELATIONSHIP WITH GOVERNMENT.
WE ARE EXCITED TO GET NEW

PEOPLE INTO THE KEY POSITIONS
AND WORK WITH THE NEWLY ELECTED CONGRESS NEXT YEAR BECAUSE WE
HAVE A GREAT OPPORTUNITY TO GET A REGULATORY FRAMEWORK IN PLACE
THAT WILL BE LASTING AND APPROPRIATE FOR THE INDUSTRY
FOR DECADES TO COME.

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